Explore our latest press releases and contact our media relations team. The link below will redirect you to their website for more information. [1] The chain of events that led to the collapse of the bank could have been mitigated if not entirely avoided had management and/or the board of directors followed recommendations contained . . Barings BDC, Inc. 300 South Tryon Street With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. Eric also works closely with all the investment teams at Barings LLC. We are committed to sustainable practices and responsible investment. The Nomination and Corporate Governance Committee identifies and recommends to the Board of . The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. The collapse of Baring Bank. All rights are reserved. Ms. Lancaster-Beal holds a B.A. The company's board of director consists of 9 directors; 6 independent directors and 3 executive directors. The Belk College of Business Board of Advisors is a group of accomplished business and civic leaders who work closely with the Belk College to ensure our relevance to the business community. Its missions are to approve strategic guidelines, monitor and ensure their implementation in line with Societe Generale's values, and comply with the highest international standards of governance, ethics and risk management. *As of June 30, 2022. This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. 4 Was the Barings board of directors culpable for the losses of Nick Leeson What from FIN 690G at Wichita State University In the end, his losses accounted for 827 million (or $1.4 billion), twice Barings's available trading capital. By selecting Continue, you will leave U.S. Bank and enter a third-party Web site. Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Errors were of omission - lacked clear reporting lines in the highly political matrix organization; no one pressed Leeson to provide information and the Board did not pressure the management committee to formulate the risk-reporting . Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Thomas brings over 20 years of experience in the underwriting, structuring, distribution and trading of debt used for corporate acquisitions, leveraged buyouts, recapitalizations and refinancings. Evaluating Boards and Directors. We are committed to sustainable practices and responsible investment. David holds a B.S. Mr. Byers served as an Independent Director and Chairman of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2012 to 2022. Thomas brings over 20 years of experience in the underwriting, structuring, distribution and trading of debt used for corporate acquisitions, leveraged buyouts, recapitalizations and refinancings. Ms. Lancaster-Beal is the President and Chief Executive Officer of VLB Associates, a management consulting firm she founded in January 2014 that provides financial and operational advisory services to middle-market businesses, investment firms and non-profit organizations. Since 2016, Mr. Byers has also served as a board member of the Mutual Fund Directors Forum, an independent, non-profit organization serving independent directors of U.S. funds registered with the Securities and Exchange Commission under the 1940 Act. The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark Office and in other countries around the world. Former senior directors of Barings, the bank which collapsed in 1995, face being banned from acting as company directors for up to 15 years as a result of action being taken by the Department of . In the non-profit sector, Robert serves as a director of the Massachusetts Eye and Ear Infirmary, and is a Trustee of the Childrens School of Science and the Sea Education Association. Jill brings over 20 years of senior leadership experience in human resources to the financial services industry where she was Managing Director from 2006 to 2009 and Executive Vice President from 2000 to 2006 at Wachovia Corporation (now Wells Fargo). He earned a Bachelor of Science in Biology from the University of Houston, a Master of Medical Science from the University of Texas Medical Branch at Galveston, a Master of Business Administration from the University of Houston, and a Doctorate of Medicine from Texas Tech University School of Medicine. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. Massive Losses incurred by Nick Leeson, the General Manager and Head Trader of Barings Financial Services (BFS) by reason of unauthorised and concealed trading activities within BFS. It acts in the social interest of the Bank and ensures its proper function. Collections; Project #ShowUs; Creative Insights; . With a more than double increase in participation, from 69 participating institutions in 2019 to 172 in 2021, it's clear that board of directors' compensation and the associated pay practices and governance issues . Jill works with C-suite executives as an executive coach and helps lead companies' efforts on talent strategies such as diversity and inclusion, employee engagement, and succession planning. Jill is a Founding Partner of Spivey & Olmstead, LLC, a talent and leadership consulting firm with expertise in the fields of executive development and talent management founded in June 2010. The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark Office and in other countries around the world. "There was a stack of paper, "recalls visiting official Tony Railton, senior clerk for futures and The link below will redirect you to their website for more information. From 2000 to 2006, Mr. Byers served as an investment executive with Dreyfus Corporation and served as Vice Chairman, Executive Vice President, Chief Investment Officer, member of the Board of Directors and Executive Committee, and fund officer of 90 investment companies, responsible for investment performance of approximately $200 billion in assets under management. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. The collapse of Baring's Bank in 1995 occurred principally as a result of huge losses that resulted from unauthorized derivatives trading activity by the head of the Singapore office Nick Leeson. Ms. Lancaster-Beal served as an Independent Director and Chair of the Nominating and Governance committee and the Audit committee of Sierra Income Corporation, a non-traded business development company (BDC) sponsored by Medley LLC (NYSE:MCC), from 2021 to 2022. The board is also tasked with a number of other responsibilities, including the following: Creating dividend policies. In this capacity, she was both the Head of Human Resources for the Corporate and Investment Bank and the Head of Human Resources for the International Businesses, responsible for HR services. Robert is also a director of Okeanis Eco Tankers, Emergent Capital, and the Pacific Alliance Asia Opportunity Fund and its related entities and Pacific Alliance Group Asset Management Ltd., based in Hong Kong. John Houblon (1694-1699, 1700-1712) (First Governor 1694-1697) He is a principal and director of Africa Opportunity Partners Limited, a Cayman Islands company that serves as the investment manager to Africa Opportunity Fund Limited. Mr. Byers is a senior executive with over 30 years of leadership experience in finance, operations and control, investment management and capital markets with leading national firms in asset management, banking and brokerage. This was the genuine . Prior to joining Barings in 2013, Mr. Lloyd served as Head of Market and Institutional Risk for Wells Fargo, was on Wells Fargo's Management Committee, and was a member of the Board of Directors . Eric has worked in the industry since 1990 and his experience has encompassed leadership positions in investment management, investment banking, leveraged finance and risk management. One of its main duties in this capacity is to limit the bank's exposure to excessive risk of all kinds, including legal, reputational and financial. Prior to this, she formed and led the Leadership Practices Group at Wachovia to create and implement a company-wide talent management process that identified, developed, tracked and promoted high potential leaders throughout their careers. Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. John currently serves on the boards of The Mint Museum and the National Association of Corporate Directors, Carolinas Chapter. Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. He was Chairman of the Board of the Barings Bank from 1974 to 1989. Performance evaluation is a key means by which boards can recognise and correct corporate governance problems and add real value to their organisations. He completed his residency in Internal Medicine at the Mayo Clinic, completed a National Research Council Fellowship in Endocrinology at the NASA Ames Research Center, and trained as a Flight Surgeon at the Aerospace School of Medicine, Brooks Air Force Base. Previously, Mr. Carter was an investment banking analyst in the Healthcare Group at Chemical Bank and a research assistant in the mergers and acquisitions group of Morgan . Mr. Byers received his M.B.A. in Finance from Roth Graduate School of Business, Long Island University and his B.A. P. 223-224 Yes. in Economics from Georgetown University and an M.B.A. from the Wharton School of Business of the University of Pennsylvania. Our funds offer access to specialized strategies across global fixed income. In some jurisdictions this website may contain advertising. In addition to these roles, Eric is President of Barings LLC, where he leads and manages cross-asset investment teams, corporate strategy, business development, product management, investment business management, research analytics and quant, permanent capital, special situations, and marketing and communication. The Board of Directors collectively represents all shareholders. They were sons of John (n Johann) Baring, wool trader of Exeter, born in Bremen, Germany.The company started business in offices off Cheapside in London, and within a few years moved to larger quarters in Mincing Lane. Mark joined Highwoods in September 2014. Prior to these positions, starting in 2007 John served as managing partner in KPMG's Charlotte office and became the Chair of the Charlotte office in 2009 until retirement in 2016, where he was the market leader for KPMG's Carolinas, Florida, and San Juan offices. The Bank had been founded by his ancestor Francis Baring in 1762. We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Throughout history, Barings has been a leader in providing global, innovative, diversified solutions to clients. Sierra Income merged with Barings BDC, Inc. in February, 2022, in connection with which Ms. Lancaster-Beal was appointed to the Board of Directors of Barings BDC, Inc. Ms. Lancaster-Beal currently serves on the Board of Directors of KIPP NYC, a network of free, public charter schools. Before that, he served as an officer in the United States Air Force and worked in the telecommunications industry for seven years. Barings Insurance Solutions group develops customized solutions leveraging the firms experience and capabilities across public and private asset classes. The phrase "board of directors" often is used interchangeably with terms such as " board of trustees ," "board of governors," or simply "the board.". With investment professionals based in North America, Europe and . Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. She also previously served as a Trustee on the Board of the City University of New York from 2000 to 2014, where she chaired the Faculty, Staff and Administration Committee and served on the Finance Committee. A Board's mandate is to establish policies for corporate management and . Before that, he served as managing partner of KPMG's Cleveland from 1999 to 2007 and the Louisville and Lexington offices in Kentucky from 1988 to 1995. He is a principal and director of Africa Opportunity Partners Limited, a Cayman Islands company that serves as the investment manager to Africa Opportunity Fund Limited. Barings is a $347+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. Create new Board. She also previously served as a Trustee on the Board of the City University of New York from 2000 to 2014, where she chaired the Faculty, Staff and Administration Committee and served on the Finance Committee. Robert Knapp brings over 25 years of experience in the financial services industry to the Board. The firm's star trader was illicitly pursuing a strategy akin to Regardless of the terminology, the board of directors is a group of individuals either elected or appointed to provide organizational leadership and . He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Investor Contact Information. From 2011 until 2019, he served as Executive Director of Catawba Lands Conservancy, a nonprofit land trust. Read, watch and listen to the latest insights from our global investment teams. *As of December 31, 2022. Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring as a mostly silent partner. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Dr. Harris is the recipient of numerous awards, including nine (9) honorary doctorates, NASA Space Flight Medal, NASA Award of Merit, a fellow of the American College of Physicians, and was the recipient of the 2000 Horatio Alger Award. With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. Barings' team-based culture seeks to deliver long-term financial security and builds a sustainable future in service to our clients, colleagues and communities. Read or watch our latest perspectives on ESG and sustainability. Since 2016, Mr. Byers has also served as a board member of the Mutual Fund Directors Forum, an independent, non-profit organization serving independent directors of U.S. funds registered with the Securities and Exchange Commission under the 1940 Act. Additionally, Robert serves as a member of the Board of Managers of Veracity Worldwide LLC. Setting general company goals. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. Our team secures access to investments across the risk spectrum and around the globe, applying an active management approach designed to maximize each asset's potential. Jill brings over 20 years of senior leadership experience in human resources to the financial services industry where she was Managing Director from 2006 to 2009 and Executive Vice President from 2000 to 2006 at Wachovia Corporation (now Wells Fargo). "Building a sustainable world for future generations requires constant evolution and long-term collaboration to drive lasting positive . He also acted as managing director for over ten years with Millennium Partners. 1. Beal & Company, which she co-founded in April 1988, until 2014. Before the acquisition of Wachovia, Eric worked in Wachovia's Global Markets Investment Banking division and served on the division's Operating Committee where he had various leadership positions, including Head of Wachovia's Global Leveraged Finance Group. In this interview-style podcast, we offer insight into where our global teams are seeing risks and opportunities today. She has built a reputation as an executive with a strategic and pragmatic approach to talent management with an eye toward bottom line results. Implications of the Barings Collapse for Bank Supervisors. Founded in 1762, Barings was the oldest merchant bank in Britain before its collapse in 1995.1 The 233-year-old bank was brought down single-handedly by its employee, Nicholas William Leeson,2 better known as Nick Leeson, a derivatives trader and general manager at the Baring's Singapore office.3 After landing the bank with a debt of S$1.4 . We build high-conviction portfolios based on fundamental, bottom-up research and ESG integration, seeking to identify companies with strong growth potential. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. He previously served on the Highwoods Board of Directors and Audit Committee from 2012 through 2014. Before that, he served as managing partner of KPMG's Cleveland from 1999 to 2007 and the Louisville and Lexington offices in Kentucky from 1988 to 1995. As Britain prospered, so did the bank and Sir Francis Baring. David serves as Head of U.S. Public Fixed Income at Barings, with primary responsibility for the U.S. High Yield and Investment Grade Investment Groups. In the non-profit sector, Robert serves as a director of the Massachusetts Eye and Ear Infirmary, and is a Trustee of the Childrens School of Science and the Sea Education Association. Our experienced team seeks differentiated sources of return across private equity, real assets and asset-based investments. Ms. Lancaster-Beal is a financial professional with extensive management and board level experience in corporate governance, credit and financial analysis. In December 2014, Mr. Byers was recognized by the National Association of Corporate Directors as a Board Leadership Fellow. Copyright 2023 Barings. Mark is a Certified Public Accountant and is a graduate of St. Bonaventure University. He also spent eight years at Price Waterhouse. Jill received a Bachelor of Science from Clemson University and a Masters in Organization Behavior and Development from Fielding University. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Robert is also a director of Okeanis Eco Tankers, Emergent Capital, and the Pacific Alliance Asia Opportunity Fund and its related entities and Pacific Alliance Group Asset Management Ltd., based in Hong Kong. Barings BDC, Inc. is an externally managed, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. Ms. Lancaster-Beal was a Senior Vice President of Drexel Burnham Lambert from 1984 to 1988 and as Vice President of Citicorp Investment Bank from 1978 to 1984. Lloyd has served as chairman since 2021 and CEO and director since 2018. He currently serves on the board of McKim and Creed, a North Carolina based professional engineering services firm. He was a director of Pye Holdings from 1967 to 1979. Our funds offer access to specialized strategies across global fixed income. in Economics from Long Island University. With over 300 global investment professionals positioned in local markets, and a flexible capital base, we can provide solutions across a range of private asset classes. Read our latest news, meet our experts and explore our content. From 2000 to 2006, Mr. Byers served as an investment executive with Dreyfus Corporation and served as Vice Chairman, Executive Vice President, Chief Investment Officer, member of the Board of Directors and Executive Committee, and fund officer of 90 investment companies, responsible for investment performance of approximately $200 billion in assets under management. In this capacity, she previously served as the Chief Financial Officer of Odyssey Media from 2015 to 2021, and as the Chief Administrative and Finance Director of Data Capital Management from 2015 to 2017.
barings bank board of directors